Choo Koon Lip

While many trade for the thrills, they often do not know why they win or lose.

I was in a fortunate position where I control myself better (and no trade to indulge myself in the thrills of trading).

Let me tell you what happened today to myself: I entered a short position into EURUSD in the morning around 1130am with a profit target at 1.222 and stop loss at 1.241 which is near the high of the last 8 hours. I anticipate the price will go back to the downtrend with confirmation from the indicators.

It hit stop loss at around 245pm. Although the loss was realized, I actually feel happier that I have a stop loss (as the price is at xxx already at the time of writing) and I really feel happy despite i’m wrong! :p

We just set up another blog at ForexAsiaLive.com where we blog about our forex trades and hence, it has been a while since I regularly updated this blog.

We (as in me an my strategists) are sharing bits and pieces of our trading experiences. Do visit ForexAsiaLive.com and better still, become one of our fans at Facebook!

While doing my reservist, I just thought of sharing with you guys one of my long term forex trade – strongshorting of GBP/AUD/strong. Most traders wont even look at this because the spread is around 10 pips! Then again, let me explain more…

Looking at GBP, I think this currency may probably be the worst performing currency this 2 to 3 months. Judging on the recent economic data triend including the highest employment level ever in 12 years. Tthe GBP should be headed lower.

On the other hand, the RBA intends to raise interest rates again very soon. The good economy due to mining boom (which always fuel inflation) must rise the AUD (to contain inflation).

On the technical side, you can easily see the strong downtrend of GBP pais and decent uptrend of AUD, and hence clear down-down for GBP/AUD!

strongConclusion: From both a technical and fundamental basis, this pair should be headed lower./strong

A side note: We, at Forex Asia Academy (FAA), are currently set up a new blog called a title=Forex Asia Live (www.ForexAsiaLive.com). As our tagline Make It Live, we (me, our traders and strategists) are going to blog about the 3E of our Live trades – entries, exits and experiences. Stay tuned!

Another 2 photo collages of the 2 Malaysia gathering session last week!!! Both were held at the hotels – nice view (but super lousy service at Tanjung Bungah Beach Hotel in Penang) & nice ambience (really good service by the staffs at Pearl International Hotel in Klang Valley).  

I just ended my last workshop, focused talks and gatherings (for the year 2009) and felt a sense of completion! This is really a tough year for me and I will always remember this year as the one with lots of ups and downs.

Just like many of you who experiencing the downside because of what happen around us recently, you are not alone. I was conned twice this year (in fact, dragged from last year) and made various investment and business mistakes. But, come to think about it, this is part and parcel of one’s life. Like what I always say, I’m lucky to have been through all these at an earlier stage of life (compared to many others) .

On a positive side, I really learn a great deal this year so far – overcoming obstacles and barriers, venturing into new unexplored grounds, dealing with people a 20s like me may not get to know, coping with real difficult people and upholding my personal belief yet not jeopardizing my business.

Like what most people said, these are just blessings in disguise – no one will understand what I’ve been through to appreciate what I have right now. Many may just see the end results without understanding my journey involved (which I trust this is even much more precious).

Time to move on. My next offering – FOREX INSTITUTIONAL INTENSIVE for institutional traders and experienced traders.

I may have my fair share of scrutiny and I trust this is not the end. More to come, but I definitely have more to deliver and value add! But now, I’m going to take a break for the rest of 2009!

Just want to share the joy here at koonlip.com that Forex Asia Academy was just awarded with ‘The Best Forex Education Project in Asia’ for having Forex Intensive by ShowFxAsia Expo 2009 held in The Ritz Carlton Kuala Lumpur on 14-15 November 2009.

The key criterion of winning the award for my FOREX INTENSIVE programme are as follows:

• extensive source of authoritative educational materials
• must have hundreds of traders every year whose successful trading at Forex market
• independent from any dealing center (i.e. brokers)
• rejection the service of teachers who are not traders themselves
• trading on Forex instead of theoretical discussions

Me with Vladimir Syrov (left) and Eldar Sharipov (right) from Instaforex – Broker of the Year

Here’s the award certificate! Hoohoo!

I just received an email from a gentleman and thought of sharing this story.

Lowie spoke to me pertaining this guy’s interest in your FOREX INTENSIVE programme. He himself spent almost SGD11k for both the beginner ($4,888) and advance ($5,888) course from a so-called forex academy (that operates on MLM). After that, he (as a SGD2,000 monthly earner) had blown his account with their strategy and now accordingly to his words, he is “very skeptical of any forex course which advertise, advertise and advertise again and again”.  The high hope he pinned on gained him nothing. After searching for so many course online, he realised that only Chris Lori and my course do not advertise much (think this is Chris) or do not even advertised (and this should be me).

That’s his story. I was in a dilemma state! On a business point of view, I wanted him to enroll into my programme. But as a trader myself, I (instead) emailed him the following advices having him to re-evaluate his options again:

• Yes, he should not give up forex trading since he already spent and invested so much money and time.
• But then, he should consider whether now is the right time to rush in again mainly because he may not have enough cashflow to take my programme and having the appropriate capital to trade the forex market.
• Next, based on what he mentioned in his email, his emotional state of mind may not be appropriate for trading right now.
• Trading should not be done under a ’rush rush’ environment.

For those of you who want to engage in forex trading, do consider all these factors.

I just completed my recent workshop in Kuala Lumpu. This must be one of the toughest workshop I ever conducted. Let me elaborate on the problems surfaced:

1. Ibfx powerstats just happened to be down on wednesday to friday.

2. Some of the buttons on the Fxcm platform didn’t appear for some of the students.

3. We had a ‘fake alert’ as one of the students wrote the wrong birthday on his facebook. Haha.

4. No entry for Teabreak Strategy on friday as there was no breakout.

Anyway, everything’s fine! All the best in trading for the new batch of graduates!

p/s: We entered Sell into EUR/USD using the short-term price pullback strategy and so far, it’s already 50+ pips in our favour!

I was invited by Instaforex to do a forex talk (for the second time) on last Saturday (24 October 2009) in KLCC Convention Centre. Thank you Instaforex and also the endorsement from Alliance Bank (Malaysia) for sponsoring me for this event.

By the way, Instaforex is recently named the Best Broker in Asia by World Finance (http://www.worldfinance.com/winners_articles.php?article_id=718).

Full Detailed Results: http://www.koonlip.com/ea/fxdd-DetailedStatement.htm

Disappointed with my FXDD account… So far, it lost more than 20% of the equity (fortunately, I only put in US$5K inside initially).

I’m not sure whether is my friend’s EA didn’t work well or is it just because it’s FXDD higher-than-normal spread… Unless the demo account, the LIVE results is very disappointed even after several changes in the strategies and the lot size progression etc etc… Furthermore, the spread at FXDD is at least 1 pip higher than the rest of the reputable brokers!!!

I’m going to withdraw all the money and perhaps trade on my own…